Late Night Strategy for Friday

A consequence of the energy sector being a strong hideout of late, amid the damage suffered in the growth parts of the tape, is that many energy stocks are now too crowded, short-term.

As a result, I expect names like SLoB to correct a bit.

On the daily chart, below, the large oil services stock is ripe to come in some more, perhaps down to its 50-day moving average into next week after the reversal candle last week and Thursday’s base breakdown attempt.